Singapore cuts 2003 growth forecast to 0.5%-2.5%

  • Business Premium
  • Friday, 18 Apr 2003

Singapore yesterday cut its official 2003 economic growth forecast to 0.5%–2.5% from 2%–5%, citing the impact of the deadly Severe Acute Respiratory Syndrome (SARS) virus. 

“SARS will significantly impact our economy. Our previous estimate of 2% to 5% GDP (gross domestic product) growth for 2003 is no longer realistic,” the Finance Ministry said in statement announcing the revised forecast. 

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